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PROPERTY AND EQUIPMENT
 12 Months Ended
Jun. 30, 2023
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT

NOTE 9 - PROPERTY AND EQUIPMENT

 

Property and equipment consisted of the following:

 

   As of   As of 
   June 30, 2023   June 30, 2022 
         
Office Furniture and Equipment  $2,678,664   $3,021,586 
Computer Equipment   8,317,131    11,388,856 
Assets Under Capital Leases   46,554    305,081 
Building   3,497,913    4,818,650 
Land   885,474    1,237,965 
Autos   1,941,063    2,503,990 
Improvements   205,289    175,560 
Subtotal   17,572,088    23,451,688 
Accumulated Depreciation   (11,410,902)   (14,069,064)
Property and Equipment, Net  $6,161,186   $9,382,624 

 

For the years ended June 30, 2023 and 2022, depreciation expense totaled $2,072,897 and $2,179,509, respectively. Of these amounts, $1,332,405 and $1,316,329, respectively, are reflected in cost of revenues.

 

Following is a summary of fixed assets held under capital leases as of June 30, 2023 and 2022:

 

   As of   As of 
   June 30, 2023   June 30, 2022 
Vehicles  $46,554   $305,081 
Total   46,554    305,081 
Less: Accumulated Depreciation - Net   (17,366)   (145,658)
Fixed assets held under capital leases, Total  $29,188   $159,423 

 

Finance lease term and discount rate were as follows:

 

   As of   As of 
   June 30, 2023   June 30, 2022 
         
Weighted average remaining lease term - Finance leases   1.21 Years    2.39 Years 
           
Weighted average discount rate - Finance leases   16.4%   12.5%

 

 

NETSOL TECHNOLOGIES, INC.

Notes to Consolidated Financial Statements

June 30, 2023 and 2022